FxWirePro: EUR/JPY capped at cloud top, focus on German GFK consumer confidence

EUR/JPY chart - Trading View 

• EUR/JPY edges higher, extends minor gains for the 2nd session.
   
• The pair is currently trading at 124.53 at 0445 GMT, up 0.11% on the day.
   
• Japan's data on Monday was discouraging. The All Industry Activity Index for Jan, printed at -0.2%, missing the market's expectations of a 0.2% advance.
   
• Earlier today, the Bank of Japan's (BOJ's) Summary of Opinions reiterated need for powerful easing, weighing on the yen.
   
• Technical studies for the pair do not support major gains. Bias remains bearish.
   
• Upside is for now capped at daily cloud top. Break above will see minor gains. Decisive breakout at 110-EMA required for any meaningful upside. 
   
• The pair finds strong trendline support at 123.95. Break below to see further downside.
   
• Focus now on German GFK consumer confidence index for further impetus. An above-forecast German GFK consumer confidence could support the euro higher.
   
• The market-research group GfK's monthly survey is expected to show that German consumer sentiment will remain stable in April.

Support levels - 124 (nearly converged cloud base and trendline), 123.40 (Jan 15 low), 122.40 (June 2017 low)

Resistance levels - 125.09 (5-DMA), 125.73 (55-EMA), 126.48 (110-EMA)

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